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Vornado Realty Trust VNO
Real Estate - REIT - Office - NYSE - US
Watchlist
$ 33.79
-4.14 %
$ 6.49 B
Market Cap
827.0
P/E
1. INTRINSIC VALUE

This DCF valuation model was last updated on Apr, 22, 2025.

The intrinsic value of one VNO stock under the worst case scenario is HIDDEN Compared to the current market price of 33.8 USD, Vornado Realty Trust is HIDDEN

VNO Intrinsic Value
HIDDEN
SHOW

This DCF valuation model was last updated on Apr, 22, 2025.

The intrinsic value of one VNO stock under the base case scenario is HIDDEN Compared to the current market price of 33.8 USD, Vornado Realty Trust is HIDDEN

VNO Intrinsic Value
HIDDEN
SHOW

This DCF valuation model was last updated on Apr, 22, 2025.

The intrinsic value of one VNO stock under the best case scenario is HIDDEN Compared to the current market price of 33.8 USD, Vornado Realty Trust is HIDDEN

VNO Intrinsic Value
HIDDEN
SHOW
2. FUNDAMENTAL ANALYSIS

Price Chart VNO

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1M -12%
6M -26%
1Y 31%
3Y -4%
5Y 0%
All
$46.0$46.0$44.0$44.0$42.0$42.0$40.0$40.0$38.0$38.0$36.0$36.0$34.0$34.0$32.0$32.0$30.0$30.0Nov '24Nov '2415 Nov15 NovDec '24Dec '2415 Dec15 DecJan '25Jan '2515 Jan15 JanFeb '25Feb '2515 Feb15 FebMar '25Mar '2515 Mar15 MarApr '25Apr '2515 Apr15 Apr
FINANCIALS
1.79 B REVENUE
-1.30%
Growth Rates
1Year -1.30%
3Years 4.00%
5Years -1.47%
7Years -2.17%
10Years -3.81%
711 M OPERATING INCOME
-12.81%
Growth Rates
1Year -12.81%
3Years 23.23%
5Years -25.35%
7Years 2.28%
10Years -1.36%
20.1 M NET INCOME
-38.83%
Growth Rates
1Year -38.83%
3Years -54.07%
5Years -64.02%
7Years -30.78%
10Years -32.40%
538 M OPERATING CASH FLOW
-17.04%
Growth Rates
1Year -17.04%
3Years -10.96%
5Years -4.09%
7Years -6.49%
10Years -7.20%
-597 M INVESTING CASH FLOW
-363.84%
Growth Rates
1Year -363.84%
3Years -3.92%
5Years -4.44%
7Years -16.40%
10Years -0.39%
-252 M FINANCING CASH FLOW
9.54%
Growth Rates
1Year 9.54%
3Years -104.56%
5Years 35.36%
7Years 4.10%
10Years -18.89%
458 M REVENUE
3.28%
Growth Rates
1Year -1.30%
3Years 4.00%
5Years -1.47%
7Years -2.17%
10Years -3.81%
300 M OPERATING INCOME
74.62%
Growth Rates
1Year -12.81%
3Years 23.23%
5Years -25.35%
7Years 2.28%
10Years -1.36%
-20.8 M NET INCOME
-472.92%
Growth Rates
1Year -38.83%
3Years -54.07%
5Years -64.02%
7Years -30.78%
10Years -32.40%
538 M OPERATING CASH FLOW
337.76%
Growth Rates
1Year -17.04%
3Years -10.96%
5Years -4.09%
7Years -6.49%
10Years -7.20%
-112 M INVESTING CASH FLOW
37.90%
Growth Rates
1Year -363.84%
3Years -3.92%
5Years -4.44%
7Years -16.40%
10Years -0.39%
78.5 M FINANCING CASH FLOW
695.42%
Growth Rates
1Year 9.54%
3Years -104.56%
5Years 35.36%
7Years 4.10%
10Years -18.89%
Balance Sheet Vornado Realty Trust
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Current Assets 1.72 B
Cash & Short-Term Investments 734 M
Receivables 766 M
Other Current Assets 216 M
Non-Current Assets 14.3 B
Long-Term Investments 2.69 B
PP&E 679 M
Other Non-Current Assets 10.9 B
4.59 %4.79 %16.82 %4.24 %68.21 %Total Assets$16.0b
Current Liabilities 28.4 M
Accounts Payable 0
Short-Term Debt 0
Other Current Liabilities 28.4 M
Non-Current Liabilities 9.8 B
Long-Term Debt 0
Other Non-Current Liabilities 9.8 B
99.71 %Total Liabilities$9.8b
EFFICIENCY
Earnings Waterfall Vornado Realty Trust
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Revenue 1.79 B
Cost Of Revenue 928 M
Gross Profit 860 M
Operating Expenses 149 M
Operating Income 711 M
Other Expenses 691 M
Net Income 20.1 M
2b2b2b2b1b1b1b1b1b1b800m800m600m600m400m400m200m200m002b(928m)860m(149m)711m(691m)20mRevenueRevenueCost Of RevenueCost Of RevenueGross ProfitGross ProfitOperating ExpensesOperating ExpensesOperating IncomeOperating IncomeOther ExpensesOther ExpensesNet IncomeNet Income
RATIOS
48.10% GROSS MARGIN
48.10%
Averages
1Year 48.10%
3Years 49.86%
5Years 49.55%
7Years 50.79%
10Years 53.17%
39.79% OPERATING MARGIN
39.79%
Averages
1Year 39.79%
3Years 25.03%
5Years 17.56%
7Years 39.16%
10Years 35.56%
3.67% NET MARGIN
3.67%
Averages
1Year 3.67%
3Years -3.92%
5Years -6.18%
7Years 21.92%
10Years 23.31%
1.27% ROE
1.27%
Averages
1Year 1.27%
3Years -1.12%
5Years -1.52%
7Years 7.03%
10Years 7.97%
0.41% ROA
0.41%
Averages
1Year 0.41%
3Years -0.42%
5Years -0.62%
7Years 2.39%
10Years 2.63%
2.09% ROIC
2.09%
Averages
1Year 2.09%
3Years 1.23%
5Years 1.01%
7Years 3.49%
10Years 3.41%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Vornado Realty Trust
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800m800m700m700m600m600m500m500m400m400m300m300m200m200m100m100m0020162016201720172018201820192019202020202021202120222022202320232024202420252025
Net Income 20.1 M
Depreciation & Amortization 469 M
Capital Expenditures 0
Stock-Based Compensation 30.2 M
Change in Working Capital -57 M
Others 7.1 M
Free Cash Flow 538 M
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Vornado Realty Trust
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Wall Street analysts predict an average 1-year price target for VNO of $33.2 , with forecasts ranging from a low of $22 to a high of $45 .
VNO Lowest Price Target Wall Street Target
22 USD -34.89%
VNO Average Price Target Wall Street Target
33.2 USD -1.68%
VNO Highest Price Target Wall Street Target
45 USD 33.18%
Price
Max Price Target
Min Price Target
Average Price Target
454540403535303025252020Jun '24Jun '24Jul '24Jul '24Aug '24Aug '24Oct '24Oct '24Nov '24Nov '2420252025Feb '25Feb '25Apr '25Apr '25Jun '25Jun '25Jul '25Jul '25Aug '25Aug '25Oct '25Oct '25Nov '25Nov '2520262026Feb '26Feb '26Apr '26Apr '26
4. DIVIDEND ANALYSIS
0.58% DIVIDEND YIELD
0.74 USD DIVIDEND PER SHARE
Q1
Q2
Q3
Q4
4.000004.000003.500003.500003.000003.000002.500002.500002.000002.000001.500001.500001.000001.000000.500000.500000.000000.000000.50930.50930.573970.630.660.660.530.530.3750.50930.50930.573970.630.660.660.530.530.50930.50930.60.630.660.530.530.530.50932.040.50932.040.62.350.632.520.662.641.953.800.532.120.532.120.530.910.30.300.740.7420152015201620162017201720182018201920192020202020212021202220222023202320242024
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5. COMPETITION
slide 2 of 9
6. Ownership
Insider Ownership Vornado Realty Trust
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Sold
0-3 MONTHS
0 USD 0
3-6 MONTHS
89.7 K USD 1
6-9 MONTHS
0 USD 0
9-12 MONTHS
56.4 K USD 1
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
7. News
Vornado Announces PENN 1 Ground Rent Reset Determination NEW YORK, April 22, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that the panel appointed to determine the ground rent payable by Vornado's subsidiary for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 has determined that the annual rent payable during the current 25-year term will be $15 million. globenewswire.com - 1 week ago
Vornado's Retail JV Boosts Strength With $450M Financing VNO's retail JV completes $450-million financing of 1535 Broadway. zacks.com - 2 weeks ago
Vornado's Retail JV Completes $450 Million Financing of 1535 Broadway NEW YORK, April 14, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 52% owned street retail joint venture has completed a $450 million financing of 1535 Broadway, a premier Times Square retail destination with full blockfront 4K LED signage. The interest only, non–recourse loan carries a fixed rate of 6.90% and matures in May 2030. globenewswire.com - 2 weeks ago
Is it Wise to Retain Vornado Realty Stock in Your Portfolio Now? VNO is well-poised to gain from its premium assets in select high-rent markets and portfolio-repositioning efforts despite choppiness in the office real estate market. zacks.com - 3 weeks ago
Vornado (VNO) Surges 10.3%: Is This an Indication of Further Gains? Vornado (VNO) was a big mover last session on higher-than-average trading volume. The latest trend in FFO per share estimate revisions might help the stock continue moving higher in the near term. zacks.com - 3 weeks ago
Vornado Releases 2024 Sustainability Report NEW YORK, April 09, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) announced today that it released its 2024 Sustainability Report. globenewswire.com - 3 weeks ago
Vornado Realty: O Series Might Be The Best Option Right Now The return-to-office trend has boosted Vornado Realty Trust's common shares, yet valuation concerns and a lower dividend yield likely make it a less attractive option. Vornado's 4.45% CUM PFD O shares offer an alternative, yielding 5%+ higher than Vornado's common shares. Moreover, O Series possesses less implied call and spread risk than other cumulative perpetuals. Some might reduce exposure to Vornado after its year-over-year run. However, reasons to maintain exposure to Vornado include, a systematic recovery in offices and optimism about PENN 2. seekingalpha.com - 2 months ago
Vornado Realty Trust Q4 Earnings: If You Want Office, Buy The Best The office market continues to struggle post-pandemic, with high vacancy rates and distressed assets, but top operators like VNO are showing resilience. VNO's strong Q4 2024 earnings and significant leasing activity in NYC indicate a potential market recovery, with shares appreciating over 70% in the past year. VNO's strategic share repurchases and operational efficiencies have contributed to its success, despite the broader market challenges and high vacancy rates in Manhattan. seekingalpha.com - 2 months ago
Vornado Realty: I'm Buying The Dip In The Series O Preferreds As Manhattan Office Demand Soars Vornado Realty Trust's shares are up more than 60% as the REIT recorded a strong fiscal 2024 fourth quarter earnings beat, despite a slight FFO dip. VNO's Series O preferreds trade at a significant discount to their liquidation value with a 7.5% yield on cost due to the high risk-free rate and perceived office property risks. Manhattan's office leasing market is robust, with VNO's occupancy projected to exceed 90% by 2025, bolstered by NYU's master lease and Penn 2's leasing. seekingalpha.com - 2 months ago
Vornado Realty Trust (VNO) Q4 2024 Earnings Call Transcript Vornado Realty Trust (NYSE:VNO ) Q4 2024 Earnings Conference Call February 11, 2025 10:00 AM ET Company Participants Steven Borenstein - Senior Vice President & Corporate Counsel Steven Roth - Chairman & Chief Executive Officer Michael Franco - President & Chief Financial Officer Glen Weiss - Executive Vice President, Office Leasing & Co-Head, Real Estate Conference Call Participants Steve Sakwa - Evercore ISI John Kim - BMO Capital Markets Jeff Spector - Bank of America Dylan Burzinski - Green Street Capital Floris van Dijkum - Compass Point Michael Griffin - Citi Vikram Malhotra - Mizuho Securities Michael Lewis - Truist Securities Alexander Goldfarb - Piper Sandler Ronald Kamdem - Morgan Stanley Anthony Paolone - JPMorgan Nick Yulico - Scotiabank Brendan Lynch - Barclays Operator Good morning and welcome to the Vornado Realty Trust Fourth Quarter 2024 Earnings Conference Call. My name is Betsy [ph] and I will be your operator for today's call. seekingalpha.com - 2 months ago
Vornado's Q4 FFO & Revenues Beat Estimates, Same-Store NOI Declines VNO's Q4 results reflect better-than-anticipated revenues on decent leasing activity. However, total same-store NOI declines across the portfolio. zacks.com - 2 months ago
Vornado (VNO) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates Although the revenue and EPS for Vornado (VNO) give a sense of how its business performed in the quarter ended December 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers. zacks.com - 2 months ago
8. Profile Summary

Vornado Realty Trust VNO

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COUNTRY US
INDUSTRY REIT - Office
MARKET CAP $ 6.49 B
Dividend Yield 0.58%
Description Vornado's portfolio is concentrated in the nation's key market New York City along with the premier asset in both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 23 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2019. In 2012, Vornado commemorated 50 years on the NYSE.
Contact 888 Seventh Avenue, New York, NY, 10019 https://www.vno.com
IPO Date March 17, 1980
Employees 2996
Officers Mr. Steven Roth Chairman of the Board & Chief Executive Officer Ms. Deirdre K. Maddock Senior Vice President & Chief Accounting Officer Mr. Michael J. Franco President & Chief Financial Officer Mr. Barry S. Langer Executive Vice President of Development & Co-Head of Real Estate Mr. Thomas Sanelli Executive Vice President of Finance & Chief Administrative Officer Ms. Catherine C. Creswell Director of Investor Relations Mr. Glen J. Weiss Executive Vice President of Office Leasing & Co-Head of Real Estate Mr. Robert Entin Chief Information Officer & Executive Vice President Mr. Haim H. Chera Executive Vice President & Head of Retail Robert Larson Senior Vice President of Operations